Ferry News Archive
PSA's bid for P&O a sound business decision: PM Lee
Date: 29 Jan 2006 00:00 Source: Channel News AsiaSINGAPORE: Prime Minister Lee Hsien Loong says PSA's bid for British ports and ferries group P&O, is for sound business reasons and not prestige.
He admits the tussle for P&O with Dubai Ports World will not be easy, but Mr Lee says PSA has to seize the opportunities.
Greeting PSA staff, Mr Lee says they, along with its union and management have worked hard to restructure PSA, in order for it to compete internationally.
But Mr Lee says it is necessary for PSA to continue to develop and grow to meet future challenges.
And for this reason, PSA is hoping to seal the deal with P&O, initially with a $10 billion offer on Thursday.
But what if Singapore fails as competitor Dubai Ports World has already countered with a higher offer?
Prime Minister Lee Hsien Loong said, "That we'll have to see because these are business decisions and there's a right price and right commitment which you must make to each project and I'm quite sure PSA is studying carefully how to respond and what to do. As I said, we don't come with gas and oil in our pockets. We have to make hard-headed business decisions and we go for the opportunities. If you get them, that's good. If they don't come your way, well, you have other ways to make up."
But will Singapore's acquisitions cause some resentment overseas?
Mr Lee believes there might be some sensitivities in the region, but that is something Singapore has to take in its stride; "In the region, sometimes, you have a telecoms acquisition like Temasek just bought Shin Corp, then there's some flak in the Thai media and I suppose there's been some flak in some of the other countries as well over some of the Singapore companies there. These are things we have to manage. I think from the point of view of ASEAN, the more these cross-border linkages take place, the better it is. We welcome foreign companies to buy up here."
This is the first time Mr Lee is visiting PSA as Prime Minister on the first day of the Lunar New Year.
He says PSA is critical to the success of Singapore's economy. Mr Lee says PSA has emerged leaner and stronger today.
But he advises the port operator to pay close attention to 3 key areas.
The first requirement Mr Lee says is to equip its staff with skills to stay flexible.
Secondly, PSA should make sure it stays relevant, by encouraging its staff to upgrade,
Finally, to leverage on modern technology by equipping its staff with basic IT skills.
PM Lee said, "Singapore depends on PSA. Not just because of the jobs and profits within PSA itself, but to keep Singapore a thriving hub in South East Asia.
We're the exchange, the centre, not the branch line. If PSA had not measured up, the whole economy, would have suffered and our position in the world would have changed. You're like Raffles City Station, interchange. All the rides come through here. And we're sitting on top and therefore we prosper. So we better stay on top of Raffles City.
"You're a Singapore icon. You should also be a Singapore idol. All Singaporeans take pride in your success."
Mr Lee is confident PSA will continue to forge ahead with many more good years.
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